Marathon_500_22nd_St_0046
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500 22nd St Ocean #1-4

MARATHON, FL 33050
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$1,175,000 $4,953/Mo
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Bed 8

Bed

Bath 4

Bath

SqFt2,780

Sqft

Attention investors and business owners: This four-unit apartment building presents a compelling opportunity in the heart of the Florida Keys, offering immediate income with long-term strategic value. Each of the four units features a comfortable two-bedroom, one-bath layout, with long-term tenants currently in place, providing stable cash flow from day one.Each apartment is separately metered for electricity, allowing tenants to manage their own usage--an added benefit for ownership efficiency. The property also offers ample on-site parking, a valuable amenity in the Keys, along with a shared laundry facility located at the rear of the property, enhancing convenience for residents.The property is currently operating at an approximate 5.87% cap rate, with clear room for growth. Rents are p resently below market, creating a realistic path for increased returns, with projections indicating the potential to achieve a 7.4%+ cap rate over time as adjustments are made in accordance with applicable guidelines.Long term, this deed-restricted affordable housing property may be particularly attractive for local employers seeking workforce housing solutions and investors focused on sustainable, community-oriented assets. Ownership may support employee retention while maintaining consistent demand in a high-need market.This offering represents a rare blend of steady income, upside potential, and long-term stability in one of the most sought-after areas of the Florida Keys.

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Detail Ic Property Details

Property Type : Multi-family

Price : $1,175,000

AD Id : 73022907

MLS Id : 618043

Beds : 8

Living Area Size : 2,780

Tax Amount : 7699.69

Year Built : 1973

County : Monroe

Subdivision: Baywood (104.0)

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Feature Features

  • Bedroom Information

    Total Bedrooms: 8 Utility Room

    Bathroom Information

    Total Baths: 4 Full Baths: 4

  • Interior Features

    Appliances: Refrigerator,Microwave,Oven,Range

  • Roofing Information

    Combo Roof

    Heating & Cooling

    Cooling: Central Air,Ceiling Fans(s) Water Front: No None No Waterview

    Window Information

    Window Treatments: Single Hung Windows

  • Building Information

    Year Built: 1973 Total Units: 4.00 Floor Location: 6002 Construction: CBS Roof: Combo Roof

  • Lot Information

    Lot SqFt: 6,002 Lot SqFt Source: Property Data Card 9 66 32 KEY VACCA PT GOV LT 2 ADJ AND S OF LT 6 BLK B R AND R SUBD

  • Property Information

    SQ ft (Living Area): 2,780 View: No Waterview Subdivision: R & R Subdivision (48.5) Stories: 2 Stories

  • Listing Price Information

    List Price: $1,175,000

  • Listing Information

    Seller Finance Psble

  • Tax Information

    Taxes: $7,700 Tax Year: 2025 Parcel Number: 00102830-000100 Tax Exemptions: None

  • Multi-Unit Information

    Pets Allowed: Pets Allowed

  • Homeowners Association Information

    Mandatory Home Owners Asc: No 1st Right of Refusal: No Association Fee: $0.00

  • Utility Information

    FKAA,Elect Separate Meter,Water Separate Meter
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17-18 Man-o-war Drive D.., Marathon, FL, 33050 $1,295,000 4 4 1,668 --
17 Manowar Drive DRIVE, Marathon, FL, 33050 $675,000 2 2 834 --

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ByOwner last updated this listing 09/05/2026 @ 05:13

MLS: 618043 LISTED BY: Samuel Davis Williams , Coldwell Banker Schmitt Real Estate Co. 305-743-5181 SOURCE: Florida Keys MLS, Inc.

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